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    How soon to start?

    Hello everyone!

    I've been reading and reading all weekend regarding rebuilding credit. There is another forum regarding credit, but there is so much information, I find it overwhelming. I found this forum and since I am one month post BK7 and this board seems smaller and friendlier I thought I would post my question here. I hope someone can help.

    My spouse and I were discharged in our BK7 about 5 weeks ago. Both have Orchard Bank Credit Cards and our scores are (averaged from all 3 CRA): 583 & 593. When I first saw them I thought they were terrible, but after reading so much information I realize they aren't too bad for one month post BK. (Is that true??)

    Anyway, I've got some cleaning up to do on the reports. Two of my OC's are reporting a balance due and past due post BK. The rest say balance 0, IIB, but they all also say CO (should they???)

    Also, we let our house go back in our BK and it is still in the foreclosure process, although the Mortgage Lender is reporting a 0 balance & IBB, but they had the Stay lifted during the process so they do show a 30, 60, 90 late, then RF (foreclosure) and have stopped reporting as of the RF.

    Does all of that sound right as far as the way it's being reported? Do I have more clean up work to do than I thought?

    How soon should I start applying for credit? Should I clean up first, then apply or do both at the same time? Is it too soon after discharge to expect to get credit? The Orchard cards are almost 1 year old.

    Should I be waiting for the foreclosure process to finish before applying for credit? Will the reporting of the Mortgage loan be different once the foreclosure process is finished?

    Sorry for all the questions and thank you, in advance, for any help or insight!

    Jillian

    #2
    Glad you found us - welcome!

    We just started on the bk road a few months ago, so what I've learned about credit repair I've learned from others. The one thing that everyone says is the first thing to do after your discharge is finalized is to clean up your credit report first before worrying about applying for bk-friendly credit.

    Hopefully some of our more experienced post-bk recovery experts will chime in with more specific tips. Good luck, and remember we're here if you have more questions as your bk recovery continues.
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !

    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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      #3
      Hello, 'Hello'

      Welcome to 'the club'. You'll find a lot of help here - start by reading as much as you can, especially the sticky notes on repair, credit, housing, etc. My 7 was discharged in March of this year and my avg was 505. However, since then it has risen on average - 122 points, and one of my scores is now 683, so things can improve greatly! It takes work, to bottow a line from a tv commercial - "you can do it, we can help"!

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        #4
        Thank you both for the warm welcome! I am still reading every thing I can, every where I can!

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          #5
          Originally posted by Hello_It's_Me! View Post
          Hello everyone!

          Anyway, I've got some cleaning up to do on the reports. Two of my OC's are reporting a balance due and past due post BK. The rest say balance 0, IIB, but they all also say CO (should they???)
          Definitely anything that was IIB should NOT be reporting late-pays. The late-pays will kill your FICO rebuilding efforts. I've noticed a number of creditors (for me) will not remove the charge-off notation at the same time as the BK filing - so I've given up on that one.

          But definitely shoot for IIB, $0 balance, no late pays.

          Best of luck!!

          Comment


            #6
            Thanks SpongnotBob!

            I'm going to start disputing today!

            Jillian

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